Pattaya Property Market

[ThaiBob]

For those anticipating a price correction or decrease in the condo market read this:

Ocean 1 Tower

Bulletin

1st October 2006

Since Pattaya City Hall gave Ocean 1 Tower formal approval there has been a dramatic increase in both buyer enquiry and sales.

At this point more than 100 buyers have purchased a condominium in O1. Because of this the company has decided to bring forward the next price rise and also we have introduced increments.

Please note the official prices are now:

Levels 10 to 14 120,000 THB per square metre

Levels 15 to 59 125,000 THB per square metre

Levels 52 to 85 130,000 THB per square metre

All studios on ANY level are now priced at 130,000 THB per square metre.

Our advertising agency is now finalizing all the marketing and advertising material as well as display material for our preferred agents. We will inform you when this is available. It is planned to hold the gala launch to coincide with High Season for maximum exposure. It is anticipated construction will start as soon as senior staff from the companies involved with building the project return from the New Year Holidays.

[OldAsiaHand]

I'd like to write a reply to the post above, but I'm laughing too hard to type......

[Noel]

I keep asking but nobody, so far, will tell me about taxes payable. You say you bought and sold 20 or so condos last year. I presume you mean you personally and not a real estate company. When you go to Land Office do they say "Sir, you have to pay (say) 25% tax" ? Or how does it work?

The only time in my experience you are really going to pay a little below or above the average transfer fee for that particular complex is when the owner your buying the condo from has owned it for over five years, then you will pay a little less. If the condo has been sold quite a few times in the past few years you will pay a little more.

I take it you are referring to Specific Business Tax?

My understanding is that if you sell property that you have owned for less than five years, a Specific Business Tax of 3.3% of the sales or assessed price (whichever is the higher) is payable.

As I see it, this tax should be the responsibility of the seller. Therefore, the only way this can affect the buyer is if all fees and taxes are split equally as can and does happen.

However, if I were buying a property where Specific Business Tax came into play, I would make it clear that the tax was the sole responsibility of the seller.

Of course, you would need to ask for a detailed breakdown of the transfer fees and taxes to know..

[Lazy Sod]

At this point more than 100 buyers have purchased a condominium in O1. Because of this the company has decided to bring forward the next price rise and also we have introduced increments.

Please note the official prices are now:

Levels 10 to 14 120,000 THB per square metre

Levels 15 to 59 125,000 THB per square metre

Levels 52 to 85 130,000 THB per square metre

All studios on ANY level are now priced at 130,000 THB per square metre.

Our advertising agency is now finalizing all the marketing and advertising material as well as display material for our preferred agents. We will inform you when this is available. It is planned to hold the gala launch to coincide with High Season for maximum exposure. It is anticipated construction will start as soon as senior staff from the companies involved with building the project return from the New Year Holidays.

Thanks to ThaiBob for posting this news article. No disrespect to Bob, but I find these prices hard to believe. There are new resale units at Northshore (similar quality, better location, arguably a more reputable developer, already built) now going for max. 79,000 per m2. I cannot see any reason why anybody would pay 50% more for O1.

Edited October 8, 2006 by Lazy Sod

[ThaiBob]

I find these prices hard to believe too. Well hopefully if you're let's say on the 80th floor nobody will built something higher to spoil your view. I wonder what that little shaker a few days back (epicenter Burma) would feel like on the 80th floor?

[TizMe]

and also we have introduced increments.

excrement more like it.